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Innovative Industrial Properties to sell $200 million five-year notes talked at 5½%
By Paul A. Harris
Portland, Ore., May 18 – Innovative Industrial Properties, Inc. plans to sell $200 million of five-year senior notes, according to a market source.
The deal, which will not be rated by Moody's Investors Service or by S&P Global Ratings, will come with an investment-grade profile and is expected to yield 5½%.
BTIG Capital Market Co. will lead the Rule 144A offering.
The San Diego-based real estate investment trust plans to use the proceeds to invest in specialized industrial real estate assets that support the regulated cannabis industry, consistent with its investment strategy, and for general corporate purposes.
Innovative Industrial Properties is a self-advised Maryland corporation focused on the acquisition, ownership and management of specialized industrial properties leased to experienced, state-licensed operators for their regulated cannabis facilities.
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